- Another major pullback for XRP is expected
- Ripple continues to solve problems in the cross-border payment space despite its poor price performance
- XRP’s price performance and short-term outlook
The price of XRP (XRP) is up by about 1.8 percent today as traders react to the weaker USD. At press time, the digital currency is changing hands at $0.2411, which is a bit higher than this week’s low of 23 cents. XRP is not the only digital currency enjoying these slight gains, as other digital currencies such as Bitcoin, Ethereum, chainlink, and more are on the rise also. Ethereum is up by about 5 percent, Bitcoin is up by about 1 percent, while Chainlink is up by about 2 percent.
Like other top digital currencies on the market, the price of XRP has been under pressure lately. Over the past seven days, the fourth-largest digital currency by market cap has lost more than 8 percent of its value. The decline last week was part of the major correction that affected the many financial assets such as commodities and stocks.
Despite its poor price performance, the case of the digital currency has been on the rise recently. The amount of money being sent across the borders has continued to increase. That is contrary to what the World Bank warned in April when it said that the remittances would plunge by 20 percent this year.
XRP (XRP) Price Today – XRP / USD
XRP Latest Prediction – Ripple Is Increasingly Becoming Popular for Cross-Border Transactions
In a recent post, Ripple explained the importance of blockchain to cross-border transactions. The post explained how the on-demand liquidity (ODL) of RippleNet is helping to solve the most pressing issues when it comes to transactions. A snippet of the post states:
“To solve this, Ripple has developed a solution called On-Demand Liquidity (ODL) which uses the digital asset XRP to enable funds to be sent to destination accounts immediately – literally on-demand, rather than days beforehand.”
This post came a couple of days after Fidelity reported that 80 percent of institutional investors were enthusiastic about digital assets.
XRP Price Prediction – XRP Price Action and Technical Outlook
According to the daily chart, the price of XRP plunged to a low of $0.2293 last week. From the chart, it is obvious that the decline was not a coincidence. It took place a couple of days after the digital currency formed a double top pattern at $0.3277.
The price of the digital currency is currently along the 100-day exponential moving averages (EMA) and beneath the 50-day exponential moving average. The major support for the digital currency is the $0.2000 mark, and some analysts believe the bears might push prices towards that level in the near term.